Banks are launching virtual "assistants" to meet consumer needs at home
Trend - Banks are launching new digital solutions to meet consumer needs at home. These virtual assistants help to bridge the gap between inconvenient in-person banking and impersonal online banking, providing convenient ways for users to take care of their financial needs.
Insight - In light of the COVID-19 pandemic, consumers are expecting a greater level of digitization when interacting with brands. The shift to e-commerce is now seen as an expectation, not a luxury, and spans all industries ranging from food and beverages to cosmetics and medicines. Consumers are now comfortable conducting personal and trivial needs online with many preferring the streamlined interaction.
Insight - In light of the COVID-19 pandemic, consumers are expecting a greater level of digitization when interacting with brands. The shift to e-commerce is now seen as an expectation, not a luxury, and spans all industries ranging from food and beverages to cosmetics and medicines. Consumers are now comfortable conducting personal and trivial needs online with many preferring the streamlined interaction.
Workshop Question - How can your brand prioritize convenience through digital solutions?
Trend Themes
1. Digital Banking Solutions - Banks are launching new digital solutions to meet consumer needs at home, providing a convenient way for users to take care of their financial needs from anywhere.
2. Virtual Reality Banking - The use of virtual reality in banking can bridge the gap between inconvenient in-person banking and impersonal online banking, allowing customer service representatives to add a human touch to digital banking while saving time and resources.
3. AI Virtual Assistants - The use of AI-powered virtual assistants is becoming increasingly common in the banking industry, with the ability to pose banking-related questions and perform tasks accordingly, providing improved customer service and convenience.
Industry Implications
1. Finance - The finance industry has been quick to adopt new digital solutions and technologies to meet changing consumer expectations, particularly in light of the COVID-19 pandemic.
2. Virtual Reality - The virtual reality industry is poised for growth as more companies explore ways to use this technology to enhance customer experiences and simulate real-life scenarios.
3. Artificial Intelligence - The use of AI is seeing rapid growth across a wide range of industries, with virtual assistants being just one example of how this technology can be used to improve efficiency and customer service.
